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The following table shows nominal GDP and an appropriate index

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The following table shows nominal GDP and an appropriate index for group of selected years. compute real GDP. indicate in each calculation whether you are inflating or deflating the nominal GDPdata.

the following table shows nominal GDP and an appropriate price index for a group of selected years. compute real GDP. indicate in each calculation whether you are inflating or deflating the nominal GDP data.

Graph the accompanying demand data, and then use the midpoint formula for Ed to determine price elasticity of demand for each of the four possible $1 price change. What can you conclude about the relationship between the slop of a curve and its elasticity? Explain in a nontechnical way why demand is elastic in the northwest segment of the demand curve and inelastic in the southwest segment. product price quantity demanded 1 5 1 4 2 3 3 2 4 1 5